The Wall Street-listed firm has created a new operation in the region.

The US-listed firm has formed a new wealth management group in the Great Lakes area of the US.

Morgan Stanley has recently formed the Great Lakes Bay Group Team, according to the Midland Daily News. This publication is seeking confirmation of this report and will update in due course.

The group is led by August J Hurt, senior vice president, financial advisor; Steven Lutenski, senior vice president, financial advisor; Nickolas T. Barris, senior vice president, financial advisor; and Kayla Lange, financial planning associate. The office is in Saginaw.

The team is also supported by Kelly J. Herman, senior registered associate, and Ashlee B. Bennett, client service associate, the report said, adding that the group consults to $1 billion in assets under management, serving primarily the state of Michigan. Clients include high net worth individuals, pension plans, foundations and endowments.

In July, Morgan Stanley’s wealth management arm reported a 28 per cent increase in pre-tax income from continuing operations in the second financial quarter of 2017. The figure rose to $1.1 billion from $859 million year-on-year. The firm reported total client assets at $2.2 trillion and also reported client assets in fee-based accounts at $962 billion in Q2 2017. Fee-based asset flows for the quarter were $19.9 billion.